LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global smart healthcare market to grow at a CAGR of almost 25% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global smart healthcare market for 2016-2020. In addition, the report discusses the major drivers that influence the growth of the global smart healthcare market.
Most wearable healthcare devices function on GPS, wireless networks, and M2M technology. Therefore, the battery life of these devices is very low because of their high-power consumption. This also affects the durability of these devices and, therefore, has the potential to affect the demand for smart wearable healthcare devices in the coming years, which will have a direct impact on the market.
Request a sample report: http://www.technavio.com/request-a-sample?report=55245
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Technavio ICT research analysts highlight the following four factors that are contributing to the growth of the global smart healthcare market:
- Increased demand for remote monitoring of health conditions of aging population
- Increased consumer health consciousness
- Increased popularity of healthcare wearables among consumers
- Strategic alliances in smart healthcare market
Increased demand for remote monitoring of health conditions of aging population
Smart healthcare products provide an essential part of the solution to provide healthcare to the population. Smart healthcare products with embedded technologies, such as communication technology, sensor technology, and data analysis techniques, monitor an elderly person physically for the diagnosis and ongoing treatment of cardiovascular, neurological, and pulmonary diseases.
Abhishek Sharma, a lead M2M and connected devices research analyst at Technavio, says, “A product that is available in the market is Swan iCare, a smart wearable and independent pressure device to monitor the therapy wound. It is used basically for the remote management of diabetic foot and venous leg ulcer care.”
Increased consumer health consciousness
The steady growth of the aging population and increase in the incidence of diseases along with higher healthcare costs are major concerns in today's world. However, people are gradually becoming concerned about and aware of their health. Increased health consciousness among people is reflected in the rapid growth in demand for hygienic foods, gym memberships, healthy nutrition, and diet programs, and in the use of mobile health applications. Also, increased health consciousness is likely to continue to drive the demand in the market.
“Risks associated with obesity include diabetes, joint problems, high blood pressure, high cholesterol, cancer, gall bladder problems, breathing difficulties, and coronary artery diseases. People use various smart healthcare and fitness products to reduce these risks,” adds Abhishek.
Increased popularity of healthcare wearables among consumers
Smart wearable devices help consumers track and monitor their health on a regular basis. Individuals use these devices to support heart rate; monitor body temperature, remote cardiac, and calorie burnt; and records sleep statistics (even of babies). These devices help users avoid several health issues such as obesity and heart congestion.
Healthcare devices can be synchronized with mobile devices, such as smartphones and tablets, that help the users monitor sleep patterns and receive calendar alerts about their medical activities. Thus, the popularity of these wearable fitness devices among consumers is likely to increase the demand of smart wearable healthcare devices and services during the forecast period.
Strategic alliances in smart healthcare market
The emergence of cloud-based IoT platforms is paving the way to high performance through the formation of strategic alliances between telecommunication operators, hardware and software providers, and analytics software providers. These alliances help technology vendors boost the sales of their products and services. Alliances also lead to the development of new products and services.
Top vendors:
- Allscripts
- Cisco
- GE Healthcare
- Philips
Browse Related Reports:
- Global Smart Wearable Healthcare Devices and Services Market 2016-2020
- Global M2M Healthcare Market 2016-2020
- Global Energy Management Systems Market for Healthcare Sector 2016-2020
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like IT hardware, IT security, and ITO and BPO. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at media@technavio.com.
